Serbia's Smederevo rejects leasing Comico Oil land to build refinery.

By bne IntelliNews January 20, 2012
The city assembly of Serbia's Smederevo has rejected a decision to lease US-Dutch consortium Comico Oil a land plot for a refinery construction, news agency Beta reported. Deputy mayor Jasna Avramovic had called for the agreement with Comico Oil to be revoked due to environmental concerns, the report said. Mayor Predrag Umicevic, however, insisted the refinery construction would be positive for Smederevo and Serbia. Comico signed a memorandum of understanding with the eastern town of Smederevo in 2009 on building the refinery once it secures a 99-year lease of 113 hectares of land. Comico Oil representative Brian Murray said last year the construction of the refinery would cost between USD 250mn and USD 400mn. Its planned crude oil refining capacity was 100,000 barrels. The plant was to be designed to produce unleaded petrol, Eurodiesel, TNG and aviation fuel mainly for export. There are two oil refineries in Serbia, both operating as part of domestic oil company NIS, controlled by Russian Gazprom Neft.

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